Category: Finance

TD and First Horizon agreed to extend until May 27 the date by which their proposed $13.4 billion tie-up must close, the banks said Thursday. The agreement puts on paper a timeline TD had acknowledged as early as December, when executives said the bank aimed to complete the transaction in the first half of fiscal […]

Wall Street’s largest banks will be tested against hypothetical scenarios of a severe global recession with heightened stress in both commercial and residential real estate markets, the Federal Reserve said in its 2023 annual bank stress test Thursday. Along with the usual adverse scenarios, the banks with large trading positions will be assessed against a […]

Peeyush Nahar, Goldman Sachs’ global head of consumer business, is leaving the bank and will take on an advisory role, Bloomberg reported Friday. Nahar, formerly Uber’s vice president of technology, was hired to lead Marcus in June 2021 — months after the consumer bank’s previous chief, Omer Ismail, and head of large partnerships, David Stark, left Goldman […]

Dive Brief: Global Payments has agreed to sell its gaming solutions business to private equity firm Parthenon Capital Partners for $415 million, the payments company said Friday. Like the company’s $1 billion sale of its Netspend consumer unit, the divestiture reflects the Atlanta-based firm’s efforts “to refine our portfolio toward our core, corporate customers and […]

A Wisconsin Economic Development Corporation committee voted Feb. 2 to approve $7 million in tax credits for the building of payment processor Fiserv’s new Milwaukee headquarters, according to a press release Thursday. Fiserv, currently based in suburban Brookfield, Wisconsin, announced in October its plans to move its global headquarters to Milwaukee, promising to invest $40 […]

The embattled CEO of PayPal, Dan Schulman, plans to retire at the end of the year, after the digital payments pioneer has struggled in recent years to meet growth goals and beat back mounting competition. Schulman said he spoke multiple times with PayPal’s board about the company’s succession plan and informed the directors recently that […]

A coalition of 54 national and local nonprofit organizations penned a 13-page letter to the Federal Deposit Insurance Corp. last week, formally opposing Washington Federal Bank’s $654 million deal to acquire Luther Burbank Savings over concerns with fair housing, systemic risk and managerial resources. The organizations, led by the California Reinvestment Coalition, said the banks have thus far “failed […]

Dive Brief: JPMorgan Chase laid off hundreds of employees in its mortgage unit this week, including some managers, Bloomberg reported Wednesday, citing people familiar with the matter. The cuts come as the bank announced plans Wednesday to hire more than 500 small-business bankers over the next two years.  “We regularly review our business and customer […]

The Treasury Department warned of the potential risks to the banking sector as financial institutions continue to use cloud-based technologies, according to a report released Wednesday. The report cautions against letting a growing number of financial institutions rely on a relative handful of cloud providers to support remote work and promote innovation through artificial intelligence, […]

Dive Brief: Buy now, pay later provider Affirm is cutting about 19% of its workforce, the San Francisco-based company told employees, analysts and investors Wednesday. That equates to about 500 employees, a spokesperson for the company said. The employee reduction came as the company reported that its net loss for the last quarter of 2022 […]